HSBC announces shutting down its retail banking operations in Bangladesh
(MENAFN) The Hong Kong and Shanghai Banking Corporation Ltd (HSBC) has announced it will begin winding down its retail banking operations in Bangladesh in a phased manner starting in the second half of this year.
The decision follows a strategic review of HSBC’s retail operations in the country, aligning with the global HSBC Group portfolio. HSBC Bangladesh stated that it would stop onboarding new retail customers immediately and will focus on ensuring a smooth transition for existing clients.
The bank clarified that its Corporate and Institutional Banking (CIB) operations in Bangladesh will remain unaffected. According to the statement, HSBC will continue to invest in the CIB segment to support trade and investment flows.
This move is part of HSBC’s broader global strategy to exit less profitable or non-core retail markets.
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